Federal Property Management Agency receives direct control of 59.8% of TGK-2 shares as per disclosure, shares soar almost 15%

MOSCOW. Jan 11 (Interfax) - The Federal Property Management Agency (Rosimuschestvo) received direct control of 59.8% of the shares of TGK-2 , the company's disclosure says.

The basis for this is a decision by the Leninsky District Court of Yaroslavl dated July 14, 2023 on the conversion of the company's shares into income for the Russian Federation, the material fact statement says. The date of acquisition of the right of control is December 29, 2023.

Meanwhile, without considering the decision by the TGK-2 board of directors to not pay dividends, the share of Rosimuschestvo's voting shares will be 60.48%, the disclosure says.

In the summer of 2023, the Leninsky District Court of Yaroslavl converted 83.8% of the shares of PJSC TGK-2 into income for the Russian Federation. In particular, this consisted of over 9.5% of shares owned by Kores, 27% owned by Debt Agency LLC, over 14.5% owned by Janan Holdings Ltd., 1.5% owned by Litim Trading Ltd., almost 7.3% owned by Raltaka Enterprises Ltd., and over 23.59% owned by Kostroma Kogeneratsiya Ltd.

Later, at the end of October, Kommersant, citing sources, reported that the shares of TGK-2 had come under the control of Gazprom Energy Holding (GEH), who has not commented on this. However, in December 2023, GEH General Director Denis Fedorov told journalists that his company had not yet received shares in TGK-2.

"Not yet. The shares, as far as I understand, are in the process of being transferred to the Federal Property Management Agency. We have not received TGK-2 yet," Fedorov said when answering the relative question.

TGK-2's charter capital is divided into 1.458 trillion ordinary and 16.5 billion preferred shares with a par value of 0.01 rubles each.

Shares of TGK-2 soared almost 15% (up to 1.3175 kopecks per share), and the company's preferred securities rose in price by 9% (up to 1.511 kopecks per piece) on the news about the transfer of a controlling stake to the Federal Property Management Agency.

TGK-2 assets include 12 thermal power plants, 30 boiler houses and 4 heating network enterprises. They are located in Russia's Arkhangelsk, Vologda, Kostroma, Novgorod and Yaroslavl regions, as well as in North Macedonia. The combined installed capacity of the company's power plants is 2.45 GW, and 8,800 Gcal/h in thermal capacity.